Oil rebounded as US Congress passed the bill to lift debt ceiling
Oil prices recovered from two consecutive sessions of losses, climbing as much as 3% on Thursday, 1 June 2023 after the House of Representatives passed a bill to raise the US government debt ceiling
Oil prices recovered from two consecutive sessions of losses, climbing as much as 3% on Thursday, 1 June 2023 after the House of Representatives passed a bill to raise the US government debt ceiling with the legislation now moved on to the Senate.
Attention now shifts to the impending OPEC+ meeting on Sunday, 4 June 2023 with some sources signalling that further supply cuts are unlikely at this time, nonetheless, some analysts remain prudent as demand from China and the US have been unsatisfactory these past few weeks.
Brent crude futures went up by $1.68 or 2.3% to conclude at $74.65/barrel, the highest since 17 May while U.S. West Texas Intermediate gained $2.01 or 3%, now at $70.10/barrel, its steepest gains since May 5.